住宅与股票投资价值比较

住宅作为一种不动产,不仅具备使用价值,更蕴含着与股票、债券等有价证券不同的投资价值。从理论和实证两方面比较住宅一级市场置业投资和股票投资价值,总结两项资产投资成本、投资风险和投资收益的差异,以1993至2003年上海住宅市场和上海证券交易所季度数据为基础,定量分析住宅和股票的投资收益与风险,以及资产收益间的相关性,为投资者更好地了解住宅投资特性及其价值提供参考。

Comparative Study on Investment Value of Residence and Stock

As fixedassets, residence possesses not only the value of usage,but also the value of investment somewhat different from that of the securities such as stocks and bonds.In this paper,the investment value of new-built residences and stocks has been compared and analyzed from both theoretical and empirical aspects.The paper also generalizes the diversity of costs,risks,and benefits of these two investments.Based on the quarterly data from housing market and stock exchange in Shanghai,the paper has a quantative anahgsis on paybeck rate,the return-adjusted risk and the correlation between the returns of different investments since 1993-2003.The conclusion of this paper may assist investors to deepen their understanding upon the characteristics and value of residence investment.